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Friday, November 27, 2020

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Starling Bank reveals micro-businesses spend 10 weeks a year on finance admin

Andreea Dulgheru | 15:25 Tuesday 7th January 2020

Micro-businesses in the UK spend approximately 15 hours every week on finance admin, according to the latest statistics from Starling Bank.

The digital bank’s ‘Make Business Simple’ report revealed that micro-firms (0–9 employees) spent 19% of their time on financial admin work, equating to just under 10 weeks a year.

In addition, 33% of respondents claimed that financial-related work impacted their personal life.

The most time-consuming and stressful finance task was accounting, which took up 1.7 hours each week.

Anne Boden, CEO and founder of Starling Bank (pictured above), said: “The importance of micro-businesses can’t be overstated.

“By offering businesses a digital bank account with smart money management tools as well as a range of services that can be linked to their bank account and easily accessed, we hope to reduce the burden caused by finance work, freeing up more time for business leaders to focus on growth.”

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